Drake & Scull International (DSI) PJSC’s (public joint stock company) board of directors approved on Thursday the acquisition of Drake & Scull International for Electrical Contracting.
The acquisition will give DSI PJSC a 75 percent stake in Drake & Scull International for Electrical Contracting.
The company that has been acquired is a leading player in Mechanical Electrical and Plumbing (MEP) contracting in Kuwait, and is owned by Drake & Scull Group and Kuwait Holding Company.
The acquisition follows DSI PJSC’s declaration since its listing on the Dubai Financial Market in March this year that the company would actively pursue acquisition talks in Kuwait, Qatar and Saudi Arabia.
This is DSI PJSC’s second acquisition since its IPO. Last month, it acquired 82 percent of Passavant-Roediger, a global specialist in waste water and sludge treatment with operations in 13 countries.
The latest acquisition followed stringent technical, financial and legal processes conducted by PricewaterhouseCoopers, Shuaa Capital and Al Tamimi & Company.
Commenting on the event, Majid Al Ghurair, chairman of DSI PJSC, said that it was in line with the company’s long term strategy to expand further in the Middle East as well as into North Africa.
He said the company saw potential especially in Kuwait, which had not been critically affected by the global financial crisis.
At the MEP Conference 2009 in Kuwait on October 28, the country was in focus, especially since it strengthened bilateral relations with the US following the highly publicised visit of Barack Obama recently to Kuwaiti Emir Sheik Sabah Al Ahmad al Jaber Al Sabah.
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